Daily Market Report (13 May 2020)
- Wall Street again experienced late session sell-down as traders decided to lock in profits realising that the impact of Covid-19 could be worse than anticipated.
- Euphoria over US opening of its economy has now turned cautious as many believe such a move could be premature.
- The DJI Average closed below the 24,000 mark having declined by almost 460 points. As such, we reckon regional markets to continue with their consolidation as per yesterday.
- On the local front, we expect the FBM KLCI to see some selling pressure today and expect the benchmark index to possibly test the 1,370/75 levels after which 1,360 would be the next support level.
